Trump, a celebrity businessman with virtually no political experience, has promised to tear up trade agreements which do not benefit US interests such as the Trans-Pacific Partnership Agreement, as well as imposing punitive tariffs on Mexico and China.

Hope said the tariffs increased the possibility of tariff retaliation and general increases in protectionism by other countries.

JONATHAN ERNST/REUTERS

Donald Trump has promised to tear up trade agreements which do not benefit US interests, as well as imposing punitive tariffs on Mexico and China.

In general, this could decrease international trade, which would not be in New Zealand's interest as a trade-reliant economy.

A note from the New Zealand Institute of Economic Research (NZIER) claimed that a Trump victory would be "horrible" for New Zealand's economy, with both households and companies suffering.

NZIER deputy chief executive John Ballingall​ said this would lead to "significant instability" in financial markets as well as an increase in borrowing costs and tighter credit conditions for mortgage-holders.